| Buying a Home - down payment amount
Buying
a Home - How large of a down payment do I need?
There
are mortgage options now available that only require a down payment of 5%
or less of the purchase price. But the larger the down payment, the less
you have to borrow, and the more equity you'll have.
Mortgages with less
than a 20% down payment generally require a mortgage insurance policy to
secure the loan.
When considering the size of your down payment, consider
that you'll also need money for closing costs, moving expenses, and -
possibly -repairs and decorating.
>> What is an LTV, and how does it affect the
size of my mortgage loan?
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